Heathrow Florida – Lake Mary’s Premier Guard Gated, Golf & Country Club Community

1098 Henley downs Place, Lake Mary, Florida

4 Bed/3.5 Bath ~ 4,043 SF ~ Screened Pool ~ 1/2 Basketball Court

How long was the house on the market? 149 Days

Sold Price: $780,000 or $192 sf / Original List Price: $925,000 or $229 sf

649 Lakeworth Circle, Lake Mary, Florida

4 Bed/3 Bath ~ 2,158 SF ~ Lakefront ~ Screened Pool

How long was the house on the market? 15 Days

Sold Price: $325,000 or $151 sf / Original List Price: $339,900 or $158 sf

1082 Aberdovey Pt, Lake Mary, FL

4 Bed/2 Bath ~ 1,925 SF

How long was this house on the market? 91 Days

Sold Price: $267,350 or $139 sf / Original List Price: $299,000 or $155 sf

1220 Trentwood Ct., Lake Mary, Florida

4 Bed/3 Bath ~ 2,158 SF

How long was the house on the market? 70 Days

Sold Price: $250,000 or $116 sf / Original List Price: $299,000 or $139 sf

1673 Cherry Ridge Dr, Lake Mary, Florida – SHORT SALE

3 Bed/2 Bath ~ 1,947 SF

How long was the house on the market? 176 Days

Sold Price: $240,000 or $123 sf / Original List Price: $269,000 or $138 sf

1240 Brampton Place, Lake Mary, Florida

3 Bed/2 Bath ~ 1,601 SF

How long was the house on the market? 1 Days

Sold Price: $218,900 or $137 sf / Original List Price: $218,900 or $137 sf

552 Lakeworth Cir Lake Mary, Florida – SHORT SALE

4 Bed/2 Bath ~ 1,891 SF

How long was the house on the market? 279 Days

Sold Price: $213,400 or $113 sf / Original List Price: $289,900 or $153 sf

451 Hamptoncrest Circle, Lake Mary, Florida

2 Bed/2 Bath ~ 1,163 SF ~ Condo

How long was the house on the market? 454 Days

Sold Price: $125,000 or $107 sf / Original List Price: $177,500 or $153 sf

For more information about homes for sale in Heathrow or to find out the current value of your home, please email me Debbie@MoveToLakeMary.com or 407-758-1020 for a text or to talk.

All Sales Data Provided by My Florida Regional MLS

Lake Mary Homes For Sale

Homes & Condos for sale:  377
Properties listed as short sales: 108 or 29%
Bank Owned/REO Properties:  38 or 10%

We have seen a stabilization of the inventory of homes over the past 4 months, which is a positive indicator, but there are many homes that are bank owned that are empty and will be resold, we call those homes “Shadow Inventory” this is an unknown number that could impact our market in a negative manner.  Currently, distressed properties make up 39% of the available homes for sale in Lake Mary, Florida [up 3% from last month].

Lake Mary Homes Under Contract

Homes & Condos under contract:  190
Short Sales:  108 or 57%
Bank Owned/REO:  31 or 17%
Distressed Properties make up 74% of the homes under contract.

Lake Mary Home Sales

February Home Sales:  38
Short Sales:  6 or 16%
Bank Owned/REO:  12 or 32%

Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  48% of the homes sold in Lake Mary, Florida during the month of February were distressed properties.

What February’s Lake Mary Real Estate Statistics mean to homebuyers… It’s easy to see that the majority of homes under contract are distressed property, buyers flock to them because of attractive sales prices.  Short Sales make up an overwhelming majority of the homes under contract and also make up the majority of transactions that don’t close.  When buying a short sale, knowing the facts of the transaction up front make a huge difference; the number of loans, the seller’s hardship, the status of a foreclosure if the seller has missed payments, but the listing agent and selling agent’s experience is the most important.  Some of the most knowledgeable REALTORS who are succesfuly completing short sales are Certified Distressed Property Experts or CDPE’s, so if you are thinking about buying a short sale, make sure your agent is a CDPE.

Real Estate Market Trends and The Lake Mary Homeowner...  You can’t fight it, Distressed Properties are here to stay.  I know that these homes are often abused and mistreated, but they currently account for half the homes that are selling and understanding how to compete with short sales is essential to a successful sale.  Your home must be priced competitively to compete, the condition and maintenance must be impeccable and great photos in the MLS to lure buyers in.

Home Sales in Heathrow  Woods – Lake Mary, Florida

1612 Bridgewater Dr., Lake Mary, Florida

4 bed/4 Bath ~ 3,332 sf ~ Heated Screened Pool & Spa

How long was this house on the market? 216 Days [Short Sale]

Sales Price: $580,000 or $174 sf / Original Price: $650,000 or $195 sf

Observations from my desk…  I’m amazed to see this great house in Heathrow Woods selling for $580,000.   That’s one lucky homebuyer who was willing to be patient and wait for this short sale and is now living in a home that was sold in 2/2007 for $1.29M.

A few years ago you couldn’t even get in the gate of Heathrow Woods for less than a million bucks, but it doesn’t surprise me, the fastest growing segment of defaults in the United States are mortgages over $1M – the mortgage crisis has now reached even the most affluent neighborhoods.

Home Sales in Heathrow – Premier Lake Mary, Florida Community

1733 Cherry Ridge Dr., Lake Mary, Florida

3 Bed/2 Bath ~ 2,042 SF ~ Screened Pool

How long was the house on the market? 94 Days

Sold Price: $300,000 or $146.91 sf / Original List Price: $329,000 or $161.12 sf

249 Promenade Circle, Lake Mary, FL

3 Bed/3 Bath ~ 2,619 SF ~ Screened Pool & Spa

How long was this house on the market? 21 Days

Sold Price: $425,000 or $162.28 sf / Original List Price: $434,900 or $166.06 sf

Observations from my desk…  Location, Location, Location, There is a $20 per square foot [sf]  difference between the selling prices of the two homes sold in Heathrow during January.  Those three magic words mean $$$ in the real estate world.  Golf course frontage and water views come with a price.

For more information about homes for sale in Heathrow or to find out the current value of your home, please email me Debbie@MoveToLakeMary.com or 407-758-1020 for a text or to talk.

Lake Mary Homes For Sale

Homes & Condos for sale:  379
Properties listed as short sales: 103 or 27%
Bank Owned/REO Properties:  35 or 9%
The available inventory of homes for sale has been stabilizing over the past 90 days.  Currently, distressed properties make up 36% of the available homes for sale in Lake Mary, Florida.

Lake Mary Homes Under Contract

Homes & Condos under contract:  164
Short Sales:  103 or 66%
Bank Owned/REO:  21 or 17%
Distressed Properties make up 76% of the homes under contract.

Lake Mary Home Sales

January Home Sales:  47
Short Sales:  11 or 23%
Bank Owned/REO:  16 or 34%

January Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  57% of the homes sold in Lake Mary, Florida during the month of January 2010 were distressed properties.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling, often within days of being listed.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are compelled to compete with short sales and foreclosures or wait for a buyer who’s desire for their property out ways their need to get a “deal”, and yes this does happen.

Please contact me for detailed information about homes that are currently on the market or have recently sold.  If you have questions about current market trends or if you would like a valuation of your property’s current market value, I’m always here to help.

Lake Mary Homes For Sale

Homes & Condos for sale:  366
Properties listed as short sales: 103 or 28%
Bank Owned/REO Properties:  20 or 6%
The inventory of homes for sale has remained stable during the past 60 days.  Distressed properties make up 34% of the available homes for sale in Lake Mary, Florida.  An increase of 4% over December 1, 2009.

Lake Mary Homes Under Contract

Homes & Condos under contract:  142
Properties listed as short sales:  93 or 66%
Bank Owned/REO Properties:  24 or 17%
Distressed Properties make up 83% of the homes under contract.

Lake Mary Home Sales

November Home Sales:  70
Properties listed as short sales:  12 or 17%
Bank Owned/REO Properties:  23 or 33%

December Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  50% of the homes sold in Lake Mary, Florida during the month of December 2009 were distressed properties.  This is a 5% increase from the month of November.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are forced to compete with these homes in an open market and often have to price their homes in line with short sales and foreclosures.  Staying informed of your home’s value is very important.  Please contact me if you have questions about current market trends.

Questions about buying or selling a home in Lake Mary, Florida?  Feel free to call/text or email me anytime for the answers!

I spend a portion of each day searching for properties for my clients, I’ve read thousands of property descriptions and feel like I’ve looked at millions of photos.  One constant theme seems to run true, updates are being confused for upgrades.

I know the word ‘upgrade’ sounds luxurious, but how often is it used to describe the replacement of something that was worn out with something, well, that isn’t special, it’s just new.  Upgrades are “quality improvements” over and above what you expect to find.

I like to think of it this way…  Have you ever flown ‘First Class’?  it is definitely an upgrade.  It’s not just new upholstery on a coach seat.

No doubt in my mind that this is an ‘First Class’ kitchen, how about you? [photo Courtesy of Kitchen Art Design Center of Orlando].

I think much of the confusion started when Home Builder’s starting charging for items that should have been ’standard’, but instead they found a new revenue tool to increase profits.  Builder “Upgrades” are a high profit- low expense option…

What does this mean to you… a Lake Mary home buyer or seller?  In today’s market, where competition is fierce and home buyers are looking for the best ‘deal’, they won’t  pay more for updates, they have come to expect them.  The truth of the matter for homeowners is that upgrades often won’t fetch a high percentage return on investment in the current market climate, but they will help attract buyers and get the deal done.